The Mis – Selling of the PPI Policies
The payment protection insurance policy is variously known as the credit protection insurance or the loan repayment insurance. The basic concept of the PPI policy is to help you cover your present outstanding debt.
But often it is found that the banks or the credit card providers or the insurance agents’ mis – sold PPI to the customers. They, most of the times, do not give the complete information about the payment protection insurance policy to the customers.
If you have also been mis – sold a PPI policy, you can now go for reclaim PPI. Many a times, the PPI policy is sold to you even without you being aware of it. When the payment protection insurance policy is added to your personal loan, it might not be clearly evident. However, if the payment protection insurance policy is added to your credit card, then you can see it in your monthly statements.
The mis – selling of the PPI policy is quite common now. Often for their own benefit the banks or the credit card providers sell the PPI policy to you. That is why; when you go to take out a loan or a credit card or a mortgage, be sure to read the offer documents carefully before signing it.
Many a times, the customers do not read the offer document clearly. The PPI policy at times is embedded in the terms and conditions which if you do not read, you will not know. Again there is an opt out box that you have to uncheck.
